The South Florida Multifamily Team of Robert Given, Calum Weaver, Troy Ballard and Zachary Sackley Secured the Sale of the 468-Unit Property
Cushman & Wakefield’s South Florida Multifamily Team of Vice Chairman Robert Given, Executive Vice President Calum Weaver, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst Perry Synanidis negotiated the disposition on behalf of TM Real Estate Group, LLC. The asset was acquired by Marlin Spring Realty Limited for $50 million ($151 per square foot).
Cottage Cove consists of 468 units in 100 buildings. The first phase of the property featured 94 quadplexes. The second phase included six two- and three-story buildings. The unit mix includes studios, one- and two-bedroom units. Non-renovated interior finishes include Formica countertops, white wood cabinetry, white appliances, and carpet flooring. Select units have been upgraded to include vinyl flooring and upgraded cabinets. Amenities include a newly gut-renovated laundry building with 26 brand new sets of washer/dryer units, a swimming pool and on-site leasing office.
The property is currently stabilized with 97 percent occupancy and an average market rent of $1.40 per square foot.
“A project of this scale and vintage rarely comes to market in Miami-Dade,” said Given. “As a result, interest level in the offering was exceptional.”
“Investor interest was very strong due the sheer size of the property and value-add opportunity,” added Weaver. “The buyer is new to the South Florida market, highlighting an abundance of new domestic and foreign capital looking for value-add opportunities throughout the region.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
About TM Real Estate Group
TM is an institutional-quality platform for real estate investment, development and management. As both a principal and an operating partner, TM actively pursues income-producing multi-family, office and mixed-use acquisitions, as well as true value-add repositioning and land development opportunities. Since 2005, TM has acquired, disposed and developed projects with a combined value in excess of $1 billion.